Li Ka-shing Publicly Backs Embattled Henry Tang In Hong Kong Election

Hong Kong businessman Li Ka-shing, Asia’s wealthiest person, on Friday publicly backed the struggling candidacy of Henry Tang in the March 25 election for chief executive of the former British colony. “His experience and work in the administration are good for Hong Kong,” the South China Morning Post quoted Li as telling a local television station in remarks outside of his home on Friday. The comments were unusual in that Li previously commented on elections only during annual-result press conferences, the newspaper said.

Some business leaders have suggested a victory by Tang's top opponent Leung Chun-ying would harm Hong Kong’s economy and real estate market. Tang is behind Leung in polls. Li also reportedly said he wouldn’t pull out investments from Hong Kong if Leung won.

Li, whose businesses employ more than 270,000 people in 53 countries, told Forbes last month in his first interview with a Western media in nearly five years that he was optimistic about China’s economic outlook, but worried about the overall global economy. (Please see related articles here.)

Li this month ranked No. 9 on the 2012 Forbes Billionaires List with wealth of $25.5 billion. His businesses have built one of every seven residences in Hong Kong. Li has more recently found success as a technology investor with profitable purchases of shares in Facebook and Skype.

Hong Kong’s next leader will be picked by about 1,200 members of an election committee.

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I'm a senior editor and the Shanghai bureau chief of Forbes magazine. Now in my 16th year at Forbes, I compile the Forbes China Rich List and the Taiwan Rich List. I was previously a correspondent for Bloomberg News in Taipei and Shanghai and for the Asian Wall Street Journa...